NCUA as Plaintiff in WesCorp Lawsuit? Try Defendant
Editor's note: this letter was written in response to an article (NCUA Intervenes In WesCorp Lawsuit) about NCUA's request to be named as the plaintiff in place of the seven credit unions — all members of WesCorp — who filed a suit against the corporate credit union.
NCUA's proper role in this suit should be as defendant. Their lack of oversight (despite being on site at WesCorp) clearly evidenced their lack of attentiveness to the activities of the management of the Corporate. Nero was indeed fiddling while Rome burned. Anyone believe that they would now encourage a vigorous action against the former management?
Not me, cover up is more like it. Instead of firing their own management that failed miserably, costing us billions, they simply reassign them to different jobs and refuse to accept or declare how they failed.
Enough of this to save the members and preserve the credit unions from regulatory induced extinction please disband NCUA and assign us to FDIC or whatever it couldn't be any worse.
Dennis Moriarity, CEO
Unity CU, Warren, Mich.
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